Impact Of Economic Globalization

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Economic globalization refers to the global process of organic economy formed by the world's economic activities beyond national boundaries and through foreign trade, capital flow, technology transfer, service delivery, interdependence, and interconnection. It is a cross-border transregional flow of production factors such as commodities, technologies, information, services, currencies, and people in other words, the world economy is increasingly becoming a tightly integrated whole. Economic globalization is one of the critical characteristics of the contemporary world economy and a significant trend in the world economic development.
Globalization of production and multinationals increasingly becoming the dominant force in …show more content…

It not only posed fundamental requirements for producing beyond national boundaries but also for globalization The preparation of conditions for production is the primary driving force for economic globalization.

3. Financial globalization, a worldwide network of financial institutions, a large number of financial services carried out across borders, cross-border loans, multinational securities issuance and cross-border mergers and acquisitions system formed. The world's major financial markets are interconnected in time and linked to price, enabling multi-trillion dollar transactions in seconds, especially as the foreign exchange market has become the most liquid and all-weather market in the world.
4. Science and technology globalization. It refers to the optimal allocation of science and technology resources in various countries around the world. This is the latest area where economic globalization has rapidly expanded and progressed. The performance characterized by the large-scale cross-border transfer of advanced technologies and research and development capabilities, and extensive transnational joint research and development. With the information technology industry as the typical representative, the technical standards of all countries tend to be more and more consistent. The use of monopoly professional standards by multinational giants has controlled the development of the industry and obtained a lot of excessive

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